Vermont Statutes Title 3 Sec. 483
Terms Used In Vermont Statutes Title 3 Sec. 483
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employer: shall mean any political subdivision of the State of Vermont and the Vermont National Guard as to employees thereof hired under 32 U. See
- Local retirement fund: shall mean any retirement, pension, or benefit fund partially or wholly maintained at the expense of an employer. See
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 483. Petition by employees; transfer of assets
(a) Should a majority of the members of any local retirement fund elect to become members of the Vermont State Retirement System, by a petition duly signed by such members, the participation of such members in the Vermont State Retirement System may be effected as provided in section 482 of this title as though such local retirement fund were not in operation and the provisions of this section shall thereupon apply, except that the existing pensioners or annuitants of the local retirement fund who were being paid benefits on the date such participation in the Vermont State Retirement System becomes effective shall be continued and paid at their existing rates by the Vermont State Retirement System and the liability on this account shall be included in the computation of the accrued liability contribution rate as provided by section 487 of this title. Any cash and securities to the credit of the local retirement fund shall be transferred to the Vermont State Retirement System as of the date participation begins. The trustees or other administrative head of the local retirement fund as of the date participation becomes effective shall certify the proportion, if any, of the assets of the local retirement fund that represents the accumulated contributions of the members, and the relative shares of the members as of that date. Such shares shall be credited to the respective account of such members in the Fund of the Vermont State Retirement System as though contributed under the provisions of said System. The balance of the assets transferred to the Vermont State Retirement System shall be offset against the accrued liability before determining the special accrued liability contribution to be paid by the employer as provided by section 487 of this title. The operation of the local retirement fund shall be discontinued as of the date participation becomes effective.
(b) Any members of a local retirement fund who, pursuant to the provisions of section 433 of this title, became members of said System shall become members of the Vermont State Retirement System and shall have the shares credited on their account to the Fund of the Vermont State Retirement System in accordance with the provisions of section 473 of this title. Thereafter all contributions on behalf of such members shall be made by such employer and member to the Vermont State Retirement System. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 18.)